• CC FUNDS 2017_ITALIAN WEB BANNER EURO-02

Fondo Obbligazionaro Euro ad Alto Rendimento (Accumulatore.)

  • OBIETTIVI DI INVESTIMENTO

    L’obiettivo del Fondo è di massimizzare il profitto per gli investitori, grazie ad investimenti realizzati su diversi portafogli obbligazionari. Per raggiungere tale obiettivo, il Gestore degli Investimenti investe principalmente in un portafoglio diversificato nel medio termine, comprensivo di titoli societari e governativi con scadenza massima di 10 anni.

     

    STRUTTURA

    Il Fondo è amministrato secondo la struttura dell’OICVM, che è divenuta lo standard per i fondi di investimento nell’UE, per gli investitori al dettaglio. I fondi OICVM sono ideali per gli investitori al dettaglio, poichè sono stati progettati appositamente per garantire diversificazione e liquidità attraverso specifici parametri, imponendo classi di attività e restrizioni agli investimenti secondo quanto stabilito dal diritto comunitario.

     

    GESTIONE

    I fondi sono amministrati da un gruppo di investitori professionale presso Calamatta Cuschieri Investment Management Ltd, i quali controllano quotidianamente i loro sviluppi.

Panoramica

→ Profilo dell’Investitore
→ Valute Disponibili
→ Versamento dei Dividendi
→ Monitoraggio e Pricing
→ Commissione di Entrata e di Uscita
→ Investimento Minimo
→ Il vademecum del Regolamento dei Fondi
→ Target del Dividendo
→ Informazioni Aggiuntive

Commento

February 2017 Commentary

Credit markets registered a noteworthy performance across both sides of the Atlantic during the month of February as European and US HY markets were up by 1.06% and 1.60% respectively as measured by leading market indices. The political and central bank activity and chatter did little to deter investors to adding more risk to their portfolios, in part aided by robust economic throughout data but also by the positive string of earnings releases. Sentiment in risky assets was upbeat, cash was put to work and credit spreads tightened as improved credit metrics compelled investors to take advantage of the persistent credit grind tighter. Investor’s buoyant mood was also bolstered by a series of credit rating upgrades, something which investors had seemingly forgotten were still achievable and possible.

With February expectedly being a quiet month for central bank activity, investors were not expecting government bonds to be much in the fray. With the looming French and Dutch elections in Europe however, and persistent fluctuations in polls towards pro and anti-Europe parties for much of the month, government bonds were back in demand as the flight to safety trade kicked in once again as European government bonds rallied by 1.1% during the month, with the longer end of the curve bull-flattening.

Emerging markets meanwhile have been unfazed so far this year by the worries, or rather, concerns of a potentially stronger dollar against major emerging market currencies. The expected three rate hikes by the US Federal Reserve appear to be already priced-in in current valuations, and so long as EM currencies continue to range trade within current levels, emerging markets are set to remain in demand. During the month of February alone, global emerging market bonds were up by 1.59%.

The global search for yield continues, the outlook for commodities has improved markedly and without being too euphoric, emerging market economies are in a healthier state than a large number of developed economies, with encouraging prospects for GDP growth in 2017. Meanwhile, inflation has continued to creep upwards, mainly on the back of a rise in commodity and energy prices, so base effects largely contributed towards this uptick in price pressure. Although inflationary pressures could well persist on the back of the robustness in emerging market economies, EM central banks are more likely to oversee the recent spike in inflation rather than respond with any form of policy tightening.

During the month, the Investment Manager took advantage of the positivity surrounding the financial sector in Europe, particularly those bonds within the subordinated debt space (Additional Tier 1 securities), by putting money to work in selective financial bonds denominated in Europe, namely HSBC Holdings plc, UniCredit SpA and Deutsche Bank after having already added on to exposures to Santander during the month of January. These trades served to reduce the Fund’s cash exposure and resulted in an a markedly better performance that the European High Yield sector for the month. Having said that, the Manager perceives that in line with mainly monetary policies, the fixed-income market is expected to adjust accordingly and in this regard, the Manager’s main aim is to limit downside volatility.

Scheda

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    Nome Comparto High Income Bond Fund – EUR (Accumulator)
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Consulente Fondo DF – Asset Allocation (Lugano, Switzerland)
    Depositario Sparkasse Bank Malta p.l.c.
    Amministratore Fondo Calamatta Cuschieri Fund Services Ltd.
    Revisori Deloitte Malta
    Consulenti Legali Ganado & Associates
    Data di Lancio 1st September 2011
    Sede Malta
    Valuta Euro (€)
    Frequenza Negoziazioni Settimanale
    Dimensione Fondo €49.8 million
    Numero Titoli 78
    Tassa Iniziale fino a 2.5%
    Commissione di Gestione 1%
    Data Pagamento Dividendi 31 March
    30 September
    Numero ISIN EUR – MT7000003059
    Investimento Minimo Iniziale € 2,500
    Investimento Minimo Addizionale € 500

    Performance History (%) *

    YTD 2016 2015 2014 2013
    Share Class A – Total Return 1.07 4.96 -0.89 1.72 3.56
    Rolling 12 month performance to last month end 24/02/15

    22/02/17

    25/02/15

    24/02/16

    26/02/14

    25/02/15

     
    Share Class A – Total Return 8.89 -5.70  2.83
    10.76 Since Inception. The Accumulator Share Class (Class A) was launched on 29 May 2013.

    * Performance figures are calculated using the Value Added Monthly Index “VAMI” principle. The VAMI calculates the total return gained by an investor from reinvestment of any dividends and additional interest gained through compounding.

    Top 10 By Country*

    Country %
    Great Britain 10.4%
    France 7.9%
    Germany 7.6%
    Spain 5.8%
    United States 4.7%
    Luxembourg 4.2%
    Italy 4.1%
    Switzerland 3.4%
    Malta 3.0%
    Netherlands 2.9%

    *including exposures to CIS

    By Credit Rating*

    Rating %
    BBB 15.6%
    BB 27.7%
    B 24.7%
    CCC+ 1.9%
    Less than CCC+ 0%
    Not Rated 2.2%
    Average Credit Rating BB

  • Performance ad Oggi (EUR)

    Top 10 Exposures

    Exposure %
    4% Ineos 2023 2.1%
    6.25% Synlab 2022 1.7%
    7% Lock AS 2021 1.7%
    7.5% Garfunkelux 2022 1.7%
    7.0% Wind 2021 1.7%
    4.875% Loxam 2021 1.7%
    4.75% Grupo Antolin 2021 1.6%
    6.625% Bulgarian Tel. 2018 1.6%
    6.25% Banco Santander 2049 1.6%
    4% Sappi Papier 2023 1.5%

     

    Currency Allocation

    Currency %
    EUR 100%
    Others 0.0%

    Asset Allocation

    Currency %
    Cash 22.5%
    Bonds 72.1%
    CIS/ETFs 5.4%

    Maturity Buckets*

    Age %
    0 – 5 years 50.2%
    5 – 10 years 18.9%
    10 years+ 1.9%

    *Based on the Next Call Date

    Sector Breakdown*

    Sector %
    Financial 22.8%
    Communications 10.4%
    Consumer, Cyclical 8.4%
    Basic Materials 8.4%
    Industrial 6.9%
    Consumer, Non-Cyclical 6.7%
    Energy 3.5%
    Utilities 2.7%
    Government 2.2%

    *excluding exposures to CIS

Informazioni Legali

Questo documento è stato pubblicato da Calamatta Cuschieri & Co. Ltd (“CC”). CC è un membro fondatore della Borsa di Malta ed è stato autorizzato a svolgere servizi di investimento mobiliare a Malta, dall’autorità finanziaria del governo di Malta. Questo documento è stato redatto per puro scopo informativo e non deve essere interpretato come una consulenza finanziaria. Questo documento non costituisce un’offerta o un invito, da parte di CC, rivolto a qualsiasi persona a comprare o vedere alcun strumento finanziario. CC ha stilato questo documento basandosi sulle informazioni ottenute da risorse che si ritiene siano affidabili, ma sulle quali non è stata compiuta una verifica personale. Questo documento non può essere riprodotto ne per intero ne in parte, senza un’autorizzazione scritta da parte di CC.